Economy

• Friday, December 6th 2013 - 23:31 UTC

  Despite strong signs of recovery, Bank of England leaves interest rates unchanged

  

  The Bank of England held interest rates at a record low once more this week in spite of mounting optimism over the UK recovery. A flurry of encouraging signs on the UK economy has fuelled expectations for growth to pick up to around 1% this quarter.

• Friday, December 6th 2013 - 23:16 UTC

  Europe demanding a decision from Mercosur on advancing the trade talks

  

  The European Commission president Jose Manuel Barroso called on Mercosur to decide whether it wishes to advance in trade talks with the European Union jointly, as a block, and suggested the idea of a 'two-speed negotiation', since it is clear that Brazil is interested in advancing and wants to reach an agreement.

• Friday, December 6th 2013 - 07:05 UTC

  Brazil's central bank expected to keep current pace of interest rate increases

  

  Brazil's central bank said its current pace of interest rate increases remains appropriate to rein in consumer prices, repeating language it used to justify previous half-percentage-point increases, according to the November 26/27 minutes released on Thursday.

• Thursday, December 5th 2013 - 18:49 UTC

  Inflation in Uruguay during November climbs 0.2%, but still above target

  

  Consumer prices in Uruguay during November increased 0.2% over the previous month with annual inflation reaching 8.51% compared to the 8.67% of October. Nevertheless in the eleven months of 2013, consumer prices have climbed 9.31%, which is a whole percentage point higher than the same period a year ago, according to the latest release from the country's Stats Office, INE.

• Wednesday, December 4th 2013 - 06:09 UTC

  Message of support from US to Argentina's latest international financial decisions

  

  United States praised Argentina for its latest commitment to the payment of a debt worth more than 600 million dollars to five companies in exchange for the ending of legal action. The message was transmitted by the US most senior representative in Argentina Kevin Sullivan, in a brief encounter with cabinet chief Jorge Capitanich, according to reports in Ambito Financiero.

• Wednesday, December 4th 2013 - 03:11 UTC

  Brazilian economy contracts 0.5% in third quarter, but still 2.2% annually

  

  The Brazilian economy slipped into contraction in the third quarter after recording strong growth in the June quarter. Data released by statistical office IBGE on Tuesday revealed that GDP decreased a seasonally adjusted 0.5% sequentially in the September quarter, more than offsetting the upwardly revised 1.8% growth recorded in the second quarter.

• Wednesday, December 4th 2013 - 02:50 UTC

  Argentine central bank admits 'serious loss of reserves', which stand at 30bn

  

  The newly appointed head of Argentina's Central bank Juan Carlos Fábrega admitted that in the last few months “loss of international reserves” has been serious, but “we are working to correct the situation”.

• Tuesday, December 3rd 2013 - 21:06 UTC

  Argentines will have to spend summer holidays at home; tourist dollar up 35%

  

  In an attempt to stop the drain of Argentina Central Bank international reserves, the government of President Cristina Fernandez has decided to take the 20% income tax advance to 35% for all credit and debit card purchases made abroad. The move will also involve the purchase of dollars for Argentines travelling abroad with the US currency climbing now to 8.322 pesos.

• Tuesday, December 3rd 2013 - 08:47 UTC

  Internet retailers must pay sales tax in the state, rules New York Supreme court

  

  New York state supreme court has rejected an appeal to re-evaluate a state law that requires internet retailers like Amazon and Overstock.com to pay sales tax in the state. The law forces internet retailers to collect taxes on purchases in New York

• Monday, December 2nd 2013 - 19:49 UTC

  Inflation and competitiveness, Uruguay's main challenges for next year and a slower growing economy

  

  Inflation and competitiveness are the two main macroeconomic challenges faced by Uruguay and does not anticipate an easy 'soft landing', at 3% growth rates in coming years, according to Deloitte during a conference on “Prospects for 2014 and economic challenges for the next government”.